The Dow Jones Industrial Average on Thursday fell as U.S. inflation reached its highest level since 1982. Apple was among the worst blue chip performers.
Michael Larkin for Investor’s Business Daily:
Stocks were coming under pressure amid spiraling inflation and a breakdown in Ukraine-Russia cease-fire talks.
Inflation worries were stoked as the consumer price index (CPI) came in at the highest level since the early 1980s. It jumped 7.9% in February vs. the same month a year ago, the biggest annual gain since January 1982. The core CPI, which excludes food and energy, was up 6.4% on a year ago. This was the highest increase since August 1982.
The Nasdaq was off lows but was still the worst major index. It was off 0.9%… The Dow Jones Industrial Average clambered off session lows but was still giving up 0.4%.
Apple stock was one of the worst laggards on the index, falling nearly 3%. AAPL stock lost ground as it forms a new pattern. The ideal buy point here is 183.04, according to MarketSmith analysis.
MacDailyNews Take: Yes, this too shall pass.
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